Oppenheimer's Rupesh Parikh isn't in that camp--Parikh and his team downgraded the shares from Outperform to Perform on Friday, sending shares lower.

He writes that he's still upbeat about Walmart's strategic direction, and sees it as an "up-and-coming, omni-channel juggernaut," an impressive feat for a company that is already the world's largest retailer. That said, he warns that recent drivers of its outsized ecommerce sales are starting to wane, which could lead to more restrained earnings estimates. Given that Walmart has historically struggled to maintain an above-market price-to-earnings multiple, he writes that the shares may be capped for now.

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